Lotus announces comeback with electric hypercar, Geely cash

Lotus gave a glimpse of a concept for its first full-electric vehicle, the Type 130 hypercar, which is part of a revival at the UK automaker that is funded by new parent Chinese automaker Geely.

The automaker issued a teaser pictures of the concept at the Shanghai auto show on Tuesday.

Lotus parent Geely has said it will begin manufacturing cars in China, working from a new, $1.3 billion factory in Wuhan. A Lotus spokesman declined to say when the factory would open but said the new vehicle would not be built there but in England.

Having come through a sporadic sales history and an ownership change in 2017 to the privately held Chinese automotive giant Geely, Lotus executives say the new electric vehicle marks a turning point for the 71-year-old brand and will be the first all-new car from the UK automaker in 11 years. If all goes as planned, the million-dollar Type 130 will serve as the halo car for a new generation of Lotus cars.

"It's a statement of intent: Electric is part of the strategy going forward," said Lotus CEO Phil Popham. "For Lotus, it has to be all about the driving experience--and electric will drive the value of every car we make."

Despite releasing scant details of the new car, and only a vague rendering, Lotus said the Type 130 is in "advanced stages of development."

A physical representation of the car will be revealed along with full specifications later this year in London, Popham said.
Production numbers are expected to be very low, though Popham said he has already received letters of intent from several eager buyers.

Track-only racer

The news of the Type 130 came with the additional announcement of the Lotus Evora GT4 Concept, a track-only racer with a lightweight carbon body, a 450-hp V-6 engine, and a top speed of 270 kph (170 mph). Both cars are examples of a renewed push at Lotus--after a roughly £1.5 billion ($1.97 billion) investment from Geely--to gain relevance in the key U.S. and Chinese automotive markets.

Last year, Lotus sold just 1,630 vehicles globally; 228 of those were in the U.S., a key market.

"Awareness is high for us in the U.S., but familiarity is low," Popham said. "We consider ourselves a 71-year-old startup."

Lotus has plenty of history to leverage. During the 1970s and '80s, the brand was known for its racing success and association with the jet set. In 1978, Mario Andretti won America's last Formula 1 World Championship as the driver for Lotus. Lotus cars such as the Esprit were beloved for their supercool style--elan strong enough to make owners overlook their famously quirky mechanics, tight interiors, and sometimes lackluster build quality.

Popham, a former Jaguar Land Rover executive, joined in October last year.

Geely, which also owns Volvo and Polestar, has invested in the group, allowing it to begin work on a 3.7-km (2.3-mile) track and experience center at company headquarters; a public restaurant; and a company museum.

Lotus employs 1,100 people; between 300 and 500 additional hires will be added before the next five years in offices in China, the UK, and Detroit, Popham said.

In time, there will also be a Lotus SUV and other sports cars built on new platforms, he said. Popham also mentioned Lotus would consider opening a classics department where versions of fan favorites--the Eclat, Esprit, and Europa, say--could be restored with dead stock or modern components. Aston Martin, Jaguar, and Land Rover have successful programs doing the same.

When asked if Lotus would ever bring back the '70s-cool wedge-shaped Esprit in particular -- this was the car that became a submarine in the James Bond film 'The Spy Who Loved Me' -- Popham eagerly if noncommittally nodded: "At some point, we'd love to have a car called Esprit again."